Costco's sales jump in Q3

ISSAQUAH, Wash. — Sales at mass-merchandise retailer Costco rose by 16% in third quarter 2011, according to an earnings statement released Wednesday.

The Issaquah, Wash.-based retailer said sales for the quarter were $20.2 billion, compared with $17.4 billion in third quarter 2010. For the first three quarters of fiscal year 2011, sales were $59.5 billion, a 13% increase over $52.7 billion during the same period in 2010. The figures include sales from a joint venture in Mexico, of which Costco owns 50%.

Profits for the quarter were $324 million, compared with $306 million in third quarter 2010, while profits for the first three quarters were $984 million, compared with $871 million during the first three quarters of 2010. The company, which operates 581 stores worldwide, including 425 in the United States, said it plans to open 11 more locations before fiscal year 2011 ends on Aug. 28.